Diana Shipping will continue chartering one of its panamaxes to Glencore Agriculture for at least another 14 months at a lower rate that is still above the market average.
The Semiramis Paliou-led owner of bulkers has signed a time charter with the trader for 77,525-dwt Crystalia (built 2014) up until at least June next year at $8,750 per day.
Diana, which previously fixed the ship to Glencore for one year at $10,000 per day, expects to make $3.49m from the latest charter. The employment began on 22 May.
Panamaxes are attracting $4,572 per day on a weighted time-charter average, according to the Baltic Exchange.
New loan
New York-listed Diana has 41 ships and has signed a $52.9m term loan with lender ABN Amro through six subsidiaries, to pay off two loans maturing in March 2021.
The new debt will come due in 2024.
The company's shares, which trade on the Nasdaq Stock Market as DSX, gained 3.9% to $1.49 by mid-afternoon on Monday.
After announcing a coronavirus-related, first-quarter impairment two weeks ago, Diana successfully pushed back debt owed to Nordea Bank.
The Athens-based company managed to refinance the outstanding $55.8m balance of a loan provided by the Norwegian lender by at least two years until March 2022.
According to its 2019 annual report, the company signed a $93.1m loan with Nordea in March 2015.
The loan was repayable in 24 consecutive quarterly instalments of about $1.9m and a balloon of $48.4m, payable with the last loan instalment on 19 March 2021.
The loan carried interest at Libor plus 2.1%.
